Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company has shown significant profit recovery, with terminal opening bottles improving [5] - The second quarter of 2025 saw a decrease in total operating revenue by 17% year-on-year, but a notable increase in net profit by 139% compared to the previous quarter [4][7] - The company is focusing on cost control and optimizing expenses, leading to a recovery in profit margins [5] Summary by Sections Financial Performance - In the first half of 2025, total operating revenue was 2.701 billion yuan, a decrease of 17% year-on-year, while net profit was 443 million yuan, down 25% [4] - In Q2 2025, total operating revenue was 1.125 billion yuan, a decrease of 3% year-on-year, but net profit increased to 97 million yuan, up 139% [4] Investment Highlights - The company has improved its gross margin to 60.60% in Q2 2025, with a net profit margin increase of 5 percentage points to 8.56% [5] - The revenue from mid-to-high-end liquor in Q2 2025 was 739 million yuan, down 16%, while revenue from ordinary liquor increased by 62% to 237 million yuan [6] - The company plans to strengthen its platform advantages and expand group purchasing channels, anticipating a recovery in business banquets and overall performance [7] Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.88, 2.14, and 2.50 yuan respectively, with corresponding price-to-earnings (PE) ratios of 32, 28, and 24 times [7] - The company is expected to experience a significant rebound in net profit growth, with projections of 80.9% growth in 2025 and continued growth in subsequent years [10]